Please Help: taxation of gigt
Posted Date : 29-Feb-2012 , 03:48:33 pm | Posted By: Kriti
Category :
Audit | Answers :
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Comments :
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if i want to gift a plot of land to mu mamaji( mothers brother) whether i would be taxable under taxation of gift. |
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Answers:
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 Answer by: AKHIL MAHESHWARI |
| Dear Kriti, Read Section 40A(2)(b) with Section 56 of IncomeTax Act, 1961, and Hence it would not be taxable, but a gift deed must be required.....
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| Comments |
| Posted By : CA. SANAT PYNE |
02-Mar-2012, 03:50:26 |
| As per the definition of relative u/s 40A(2)(b), brothers& sister are treated as relative. So nothing will be taxable. A gift deed should be there to avoid confusion. |
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| Posted By : Siddharth Bumb |
02-Mar-2012, 03:36:07 |
| there should be gift deed ... as per income tax Mamaji is not included under the term relatives.... read section 56 of income tax act |
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| Posted By : Vipin |
29-Feb-2012, 07:26:02 |
| in my opinion NO but a gift deed should be there |
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